OPEC President: the organization did not decide on any further reduction of production

The President of the Organization of Petroleum Exporting Countries (OPEC) said on Tuesday that he had not yet been determined in the making of any decision to further reductions in production during the scheduled meeting in Vienna on 15 March. This speech is supported by the oil ministers of Kuwait and Libya.

Jose Botelho de Vasconcelos , who is also the position of the Angolan oil minister said the first step will be to ensure full compliance to the existing cuts, and thus will be evaluating the situation and then take some decisions.
De Vasconcelos said that “the moment we can see that the abundance of oil on the market and high inventory,” he said, stressing that there is a very strong commitment to the reductions agreed upon so far, totaling 4.2 million barrels a day since last September.

 
De Vasconcelos pointed out that one of the options is to seek the support of the producing countries who are not members of the organization.

 
In the same context, Kuwait’s oil minister on Tuesday said it is still too early to take a decision of any OPEC cuts in oil supplies.

 
Al-Sabah said any decision would depend on world demand and the development of the global economy, based on these facts, it will have to decide whether OPEC would cut the current production or keep it unchanged.